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The tech firm sold 9.6 million shares at $25 each – with the value of those shares rising to $59.47 by mid-afternoon, with Bloomberg reporting that the increase was the biggest of any debut listing since 2008.
“It really is a wonderful feeling to be able to welcome people in who have helped this brand, Ethan Brown, Beyond Meat CEO, said, as the company
raised $240 million.
Beyond Meat share prices skyrocket.Subscribe to PBN’s YouTube Channel here
Beyond Meat success
Beyond Meat has enjoyed massive success in recent years building its profile, with its flagship product – the Beyond Burger – outselling meat burgers in some mainstream stores in California, as demand for the product grows.
“When we got into the meat case, we thought ‘let’s see if we can really represent plant-based meat, let’s see if we can not get thrown out’ – things like that,” Brown has told Plant Based News.
“Now in Southern California – in one of the largest conventional retailers in the country – in the Southern California district we are now the number one selling patty in the meat case…that’s by unit not by weight yet. To have that level of interest in the product, in the meat case itself, this soon was really exciting.”
Despite its almost iconic status among some consumers, as of yet, the company is yet to register a profit – with a loss of $30 million last year. It is believed the new cash influx will be partly used to upscale production.
PBN Founder Klaus Mitchell interviews Beyond Meat Founder and CEO Ethan Brown. Subscribe to PBN’s YouTube Channel here
No more private investment
Brown revealed to PBN Founder Klaus Mitchell last year that he was unlikely to take on another private investment round – despite boasting a number of extremely high profile personalities as investors – including Leonardo DiCaprio and Bill Gates.
When Mitchell asked Brown whether he would still be taking investment in three years, Brown replied: “I’d love to because it allows really great people to get behind the brand.
“The challenge is we’re sort of tapering down that phase of the business, so we’re unlikely to do another private round.”
‘Vegan meat pioneer’
“Beyond Meat is a pioneer of the plant-based meat movement, and the listing is a remarkable and unprecedented move for the industry,” Good Food Institute Executive Director, Bruce Friedrich, told PBN.
“We commend Beyond Meat’s leadership as they continue to raise the bar in their efforts to transform the food system and to meet growing consumer demand for plant-based meat products.
“While it’s the first company of its kind to go public, the move could pave a way forward for other plant-based meat makers who will be watching on…This is a movement that goes beyond one company and it is accelerating rapidly, buoyed by surging investor support during recent years. We expect that investor demand was the key driver behind the company’s decision to increase the size of its offering and raise its price range earlier in the week.”